St Andrew Goldfields Ltd.

St Andrew Goldfields Ltd.

July 21, 2005 13:21 ET

St Andrew Closes Additional $1.1 Million Debenture Financing

OAKVILLE, ONTARIO--(CCNMatthews - July 21, 2005) - St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew") has issued additional debentures in the aggregate principal amount of $1,100,000 as part of its debt facility previously announced on December 3, 2004. As with the other debentures issued as part of the debt facility, the additional debentures have an interest rate of 10% per annum and mature on December 31, 2007.

The proceeds from the debentures will be used for exploration and development expenses with respect to St Andrew's proposed 2005 Timmins Program, including the Clavos and Taylor Advanced Exploration Projects in Nixon Fork, Alaska, St Andrew's participation in the Eskay Creek Summer drill program and general corporate purposes.

For further information about St Andrew Goldfields Ltd., please visit St Andrew's website at or contact Investor Relations toll-free at 1-800-463-5139 or email

Shares Outstanding - 531 million

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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